Finance

Brent crude prices fell nearly 4% to settle around $96.78 a barrel after reaching a high of $102 earlier in the week. The pullback followed reports that Pakistan and Iran are examining potential paths to initiate new peace negotiations with the United States under a push led by China. The drop in energy prices temporarily eased investor concerns regarding resurgent inflation and the trajectory of federal interest rates.

Semiconductor equities dragged down the broader technology sector, with major industry benchmarks experiencing significant declines. The Roundhill Memory ETF plummeted 8.5% as component companies like Sandisk and Micron Technology plunged roughly 11% and 7%, respectively. Investors have grown increasingly cautious regarding the hefty capital expenditure requirements for artificial intelligence infrastructure relative to immediate returns.

Tesla and SpaceX have faced sharp market declines in July, erasing billions from Elon Musk's overall wealth. Tesla shares dropped 15% following a missed earnings target and its first negative quarterly cash flow in two years, leaving the stock down more than 25% for the month. Meanwhile, SpaceX has pulled back over 40% from the highs established shortly after its public debut in June.